I'm in debt.., What should I do? Options

[Jen]

I am about $8k in debt. My credit score is a 600 , and my income is so crappy.. that I don't even want to post it.

I was in more debt, but I have paid a lot of it off.

Should I get a consolidated loan, and put all of my bills into one?

I asked someone, and they said they could only give me a credit line of $2200, or something.

I'm just so confused.. and I just want to not worry about making 5 payments a month.

Does anyone have experience in this kind of thing, and could help me out?

I'm going to go to the bank sometime this week and see what I can do, but I'd like a little advice beforehand.

I am STRESSED to the MAX.

[jgreening]

1. Do not charge or borrow another cent until everything is paid off
2. sell unnecessary items and put all proceeds to debt
3. get rid of discretionary monthly bills (cable, more than one phone, etc.)
4. get 2nd or 3rd job and put ALL of the income to the debt
5. pay off highest interest rate loans (cards) first

I agree that 8k is totally doable even on a meager income.

When I was in school, I was about 5k in debt (a few years back) and got out with about 18 lean months.

It sucks, but I would never want to file for bankruptcy unless there was absolutely no other way out. Once you do, good luck ever getting a mortgage if you want a house someday. The whole "it only stays on your credit report for 7 years" is BS.

[D-Man]

1. Do not charge or borrow another cent until everything is paid off
2. sell unnecessary items and put all proceeds to debt
3. get rid of discretionary monthly bills (cable, more than one phone, etc.)
4. get 2nd or 3rd job and put ALL of the income to the debt
5. pay off highest interest rate loans (cards) first

6. Don't use credit cards period. They are retarded.
7. Start operating with CASH as to not send that bank acct. negative
8. Quit buying people stuff
9.Get the car back from your ex; and if he wants to play hardball, you can file it stolen. It's on YOUR credit card after all. It's YOUR car
10. Sell the car


Was your Ex on the lease at the appt? If not than you are screwed. If so than he can be made to pay too.

Credit cards are the STUPIDEST invention on the planet!! Say that you have high intrest (just to make this easy) 20%. Okay, so you go and buy something that's on sale for $100. IF YOU PAY IT ALL OFF THE NEXT DAY YOU PAY $120. That credit card just made that sale price regular price Taking a loan to pay debt will do the exact same thing! You'll borrow $8000 @ 20% so that you can repay $9600; plus the intrest will compound over time (meaning that what ever you don't pay, interest is accumulated on the already interest-accumulated interest)

Bank Accts are pretty retrted too. They leave massive paper trail so you can get "Credit-Line" and get bigger credit cards, & They give you a debit card. of course they'll ALWAYS find a way to send you overdraft, and "clear" every little tiny purchase AFTER they process the Overdraft so they can hit you with $35 charges for a $2 soda. Ridiculous. Cash is the only way to pay.

But that's just my humble opinion. MANY people will disagree with me. (hell i just don't like paper trail )

This post has been edited by D-Man: Aug 19, 2008 - 8:21 AM